Today at a Formula 1 press conference on the University of Texas campus it was announced that Red McCombs is a major investor. Also officially revealed is the future track location in south east Austin.

For the press release and more visit the links below.

>> Formula 1 United States - official website
dedicated to the local, state, national and global communities
interested in the Formula 1 United States Grand Prix.

According to formula1.com, Austin will serve as the host city for the Formula 1 United States Grand Prix for years 2012 through 2021. The announcement also states that a brand new facility will be purpose-built to host the event, however the location has not been worked out as of yet.

Even though 2012 is not that far away, there are apparently
a lot of details to work out. KXAN news quotes Austin Mayor
Lee Leffingwell as stating "It's still too early to
disclose a possible location for the raceway in Austin.
There are still deals in the works. It's still two years away.
Anything could fall through."

In the late 60s and early 70s, Austin did have a permanent road racing course at Austin Raceway Park. There were also road races associated with Aquafest at that time. You can find a few pictures in the Austin Texas Hot Rod History page
here.

Whether this deal succeeds, or fails, it shows that Austin
is a prime location for motor sports venues and events.
The publicity that this announcement generates will
help spread the word!